Real Estate

Hey Veeky Forums, I'm 19 and I've worked up to a steady monthly income of just under 7k and I want to start investing in real estate. However, being this young, I have absolutely zero credit.

There is a really nice condo in my city centre for 110k USD, making the 30 year fixed rate mortgage around $500 a month whereas several similar units in the building are being rented out for nearly 3k. I have 25k ready to put down however I don't think it's possible to get a loan like that before I have a credit history or graduate high school.

Is it still possible to do this, or should I wait until I grow my credit? I plan on buying a car upon graduation and have already lined up a plan with the university I'll be attending in the fall for an upfront payment plan so I won't be able to start substantially building my credit until then.

I made a thread about this earlier today but couldn't find it in the archive.

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>30 year
>30 year mortgage


i dont know how this shit works

No one is loaning money for real estate right now but of course you should work on your credit wtf

wait to grow your credit. plus student loans are probably gonna crash the housing market within 5-10 years anyway

>saving thumbnails

youre not going to make it

also I mustve saved a thumbnail by accident

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Hey fuck real estate, you should definitely invest in jewelry.

I'm not sure if you're being serious as I have no history in or knowledge of any jewelry market - unless you count dropshipping fake chains from aliexpress as such. Is it a good investment? Does it actually appreciate?

you should probably go talk to some home loan lenders and ask them about it

NICE pic by the way I love her hair and tits.
why mortgage when you can save and make content like do something people should pay you for.
if you entertain people you canmake money.

Purchasing jewelry retail is a terrible investment. Investing in the creation of jewelry is low risk, with great returns. Most of the manufacturing cost stays in the materials in case you need to back out, and there's a general 3-10x return.

If you want to buy a property now find a private money lender. You'll have to put 30-40 percent down. Try and get an interest only loan for around 7-8 percent interest. Refinance after 6 months to a year.

Only a fool thinks a mortgage is a bad tool, or a dumb nigger who believes in the jew conspiracy meme

84k a year at 19? Crypto or drugs?

>save and make content
Kind of already what I do running an SMMA. It would just be nice to have some kind of hard assets to add to my portfolio that don't have autistic names like the ones we shill here - no one is going to take me seriously if I tell them I unironically own something called BazingaCoin(which i don't).

Neither, I'm a product of every internet guru out there running an SMMA and (currently) three ecommerce stores. It's good for now, but it won't last. I'm using the money I make to pay off college and move overseas where I can live at a much lower wage. Also that money is nice to have as my girlfriend lives in germany and I can actually afford to see her on a semi-normal basis.

Would be happy to chat about this more if you're inclined.

also SMMA = social media management agency. I base that 7k figure off of the average combined profit of my three stores as well as the average net of my several different clients, mainly local restaurants, car dealers, and realtors, as well a radio station and gym. I create content for them by following them to events, having a friend with a camera take pictures and creating content for them on their social channels.

Also I should specify that I'm not paying "off" my college, rather I'll be paying for it in cash as I go through it because I hate debt and it will put me out in front of everyone else I know, who are about to be swamped with student loans.

>36k per year rent
>property worth 110k
>33% return per year
Why do Americans have is so good? You'd be lucky to find a property that rents for 3k per month selling for under 600k kangaroo bucks

I've done a little bit of research, and location has and is about to REALLY benefit this place. There are three big apartments going in around it with retail space planned for the bottom floor and it looks like it will be a really solid place for the future. Also the neighborhood is gentrifying really fast(I also happen to live right nearby)

Just find a fucking co-signer.
And don't worry about paying for college, take out all the student loans you can, it's free money, you'll never get again, and the Dems and even Donny are thinking about renegotiating the terms for erasure.
I get that you hate debt, but in this economy you'd be a fool not to take it, credit is going to freeze up very soon and all the creditors are going to sink because they realize they're never getting it back. If you took the money, you'd be literally one in 100 million, they won't come for you.

>He thinks property prices are going down when rents have been proven to only go up.
Nobody is going to sell a property when's it's more lucrative to rent it to millennials

>Just find a fucking co-signer.
Would be great, but I'd rather not tell anyone just how much I'm making at this age.

as far as student loans go, I absolutely will not take any out, based purely on the fact that that leaves so, so much up to chance. I am going to be attending a state school and I have a significant scholarship as it stands, and I can easily afford it out of pocket. There is no reason to go into debt, and the only real purchases that will require a lot of debt that I make this year will be for my car and first real estate property, like this one for example.
>b-but user cars are a depreciating asset
I know this, however cars are my passion and my 2000 camry is on its last legs at just under 300k miles. I've been living well below my means for far too long and I would really like to beef up my assets with stuff like this. Not to mention it's a great resume booster to show companies that I'm making good use of the money I make already.

Why are you still in high school at 19 retard

Wow, people actually pay for that shit?

Sounds like the property is good and I think it's smart to diversify your income when you know that your current stream won't last forever

How did you get started on these things? And why don't you think it will last?

just take out as many loans as you can to build capital, you basically can't lose

Where do you live?

Build a tiny house on wheels with that money and BAM.... Cheap base of operations that is mobile and will last a long long time

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I might want to buy it ... Zillow link and 3k cash if I do.

Would love to know more user
Whats the start up costs eq/materials?
How much are you pulling in and what can you expand to?

Not gonna highjack anything. Hop on over to my thread for an overview. Feel free to follow up via email (posted in my thread) if you'd like speak more in detail about what I'm doing.

P.S. Naturally I'm being met with some healthy skepticism. I expect it. It's Veeky Forums.

You're gonna be met by the feds if you keep it up, fucking scammer.

Literally not a scammer, so I have nothing to worry about. But OK.

Honestly, it's totally uncool to make these accusations if you're not going to back it up with anything.